According to the latest data released by the Conference Board, Consumer Confidence Index increased to 128.0 (1985=100) from 125.6 in April while the Present Situation Index improved to 161.7 from 157.5 during the same time period. Below are important highlights from the original report:
Consumers’ short-term expectations improved modestly, suggesting that the pace of growth over the coming months is not likely to gain any significant momentum.
Consumers’ assessment of current conditions improved in May. Those claiming business conditions are “good” increased from 34.8 percent to 38.4 percent, while those claiming business conditions are “bad” decreased from 12.3 percent to 12.0 percent.
Consumers’ assessment of the labor market was somewhat mixed. The percentage of consumers stating jobs are “plentiful” improved from 38.2 percent to 42.4 percent, while those claiming jobs are “hard to get” also increased, from 15.5 percent to 15.8 percent.
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